2 Figure 1: Retail market performance 2. OFFICE: Stronger performance of Grade A Three projects entered the market, supplying approximately 81,000 m². Hanoi s office stock increased 5.5% QoQ and 5.8% YoY. In 2016, 16 projects will come online providing more than 260,000 m². Grade A rent grew 1.8% QoQ and 2.1% YoY; whilst Grade B and C declined by -4.8% and -2.4% QoQ respectively. The average occupancy was 83.4%, down 0.7 ppt QoQ due to a drop of 3 ppts QoQ in Grade A. If new buildings are excluded, occupancy across all grades had a much better performance QoQ, especially Grade A buildings in the CBD. In 2015, there was a trend for Grade A Serviced Offices to expand to the secondary area. This trend will continue and spread to Grade B and C. Advisory & Representation, Industrial Consultancy & Leasing, Marketing & Creative services.

4 Figure 3: Serviced apartment market performance 4. HOTEL: Improved 5-star hotel performance Stock increased 5% QoQ and 11% YoY due to the entrance of one newly ranked 4-star and two new 3-star hotels. The average occupancy was up 12 ppts QoQ and 6 ppts YoY. The average room rate (ARR) increased 15% QoQ and 13% YoY. RevPAR grew by 39% QoQ and 23% YoY. According to the National Administration of Tourism, there were 3.36 million international visitors to Hanoi in Q4/2015, up 12% YoY. From Q4/2015 onward, 34 future projects will enter the market. Sixteen projects will supply approximately 4,700 rooms; the remaining projects have not quantified their supply. Advisory & Representation, Industrial Consultancy & Leasing, Marketing & Creative services.

5 Figure 4: Hotel performance 5. APARTMENT: Continued high sales volume The total primary stock was 16,000 units, increasing 9% QoQ and 79% YoY. There were 22 existing and 11 new projects, providing 8,000 units, decreasing -8% QoQ. There were more than 6,400 units sold, a decrease of -3% QoQ but a massive increase of 86% YoY. The absorption rate decreased -5 ppts QoQ to 40 percent. Tu Liem District had the greatest sales with 20% market share. Grade B continues to lead the market with more than 60% share. According to the State Bank of Vietnam (SBV), as of November , credit growth increased by 13.6% compared with Advisory & Representation, Industrial Consultancy & Leasing, Marketing & Creative services.

6 Figure 5: Apartment for sale performance 6. VILLA & TOWNHOUSE: Increasing townhouse prices The total stock of the Villa/Townhouse segment was 31,125 dwellings (13,677 primary and 17,448 secondary) from 121 projects, up 2.5% QoQ and 3.8% YoY. Seven new projects and a new launch of an existing project provided 755 dwellings, 85% of which were townhouses. The average secondary price of villas was down -1.4% QoQ and -2% YoY while that of townhouses was up slightly 0.3% QoQ and 2.5% YoY. Thanh Xuan District has the highest average primary price for villas (VND 184 million/m²) while Cau Giay District has the highest average primary price for townhouses (VND 139 million/m²). New projects are located in Tu Liem, Cau Giay, Thanh Xuan and Ha Dong districts. Ninety percent of new supply was townhouses/shophouses. Good sales performance was observed in new projects with absorption rates reaching 47 percent. Shop houses have attracted attention due to their dual-purpose functionality, they are generally priced higher than townhouses. In 2016, sixteen projects will provide approximately 2,740 dwellings. Advisory & Representation, Industrial Consultancy & Leasing, Marketing & Creative services.

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